Land Of Lincoln`s Net Income Jumps

``favorable interest-rate environment`` led to a sharp jump in profits for the quarter and nine months ended March 31 from a year earlier.

The diversified financial services firm said its net income climbed 124 percent to $1,023,000, or 33 cents a share, in its third fiscal quarter from $456,000, or 15 cents a share, in the corresponding period of 1985.

Earnings for the nine months ended March 31 totaled $4,237,000, or $1.37 a share, up from $1,895,000, or 62 cents a share, in the year-earlier period which included an extraordinary credit of $455,000.

The company said it expects profits for the fiscal year ending June 30 to be between $1.70 and $1.85 a share, up from 54 cents a share posted in fiscal 1985.

In addition to lower interest rates, Land of Lincoln said its profits this year also reflected improved operating results from its financial services network business, which includes brokerage and mortgage banking activities as well as savings and loan operations.

The Rolling Meadows firm also said it has agreed to sell Wabash Datatech, its computer memory products unit, for an undisclosed cash amount to Shape Inc. of Biddeford, Me.

In the quarter, income from continuing operations rose to $1.9 million, or 34 cents a share, from $1.8 million, or 32 cents a share, in the year-earlier period. Including income from discontinued businesses, net income a year earlier was $2.5 million, or 43 cents a share.

Sales increased 2 percent to $36 million from $35.2 million.

Closing of the DataTech sale is expected within 45 days, Kearney said.

In February, Kearney said it had established a reserve for the sale of DataTech and that the sale was being negotiated.

At that time, the company said it planned to sell the unit ``to concentrate its efforts on its electrical and electronic businesses and remove itself from the extremely competitive environment in computer memory products.``

LAWSON PRODUCTS PROFITS UP 1.1%

Lawson Products Inc. reported a slight increase in net income and sales for the first quarter.

Profits increased 1.1 percent to $2.4 million from $2.38 million in the year-earlier period. Per-share earnings for the quarter were 37 cents, up from 34 cents a year earlier.

Sales for the period increased 6.2 percent to $31.3 million, up from $29.5 million a year earlier.

Daniel J. Mayo, Lawson`s chairman and chief executive officer, said an increase in orders and new accounts was registered during the period.

The company, headquartered in Des Plaines, is a national distributor of expandable maintenance and repair parts and supplies.

EARNINGS TRIPLED AT UNION SPECIAL

Union Special Corp. said Thursday its first-quarter net earnings were $900,000, or 32 cents a share, up threefold from the $229,000, or 8 cents a share, reported in the first quarter of 1985. The company noted, however, it had an extraordinary credit of $304,000, or 11 cents a share, for the quarter resulting from use of a net operating loss carryforward.

The Chicago-based manufacturer of industrial sewing machines and related equipment said the improvement also was attributable to a lower level and cost of debt.

Sales for the quarter ended March 30 were $26.2 million, up 16 percent from the $22.6 million reported in the first quarter a year earlier. Union Special attributed that increase to changes in foreign exchange rates of the U.S. dollar. Foreign subsidiaries of Union Special had better results in the recent quarter because foreign currencies were worth more against the dollar compared to 1985 rates. If exchange rates had been comparable, it said, the sales figure would have been up 4 percent for the quarter.